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Quincy Reporter

Monday, November 25, 2024

Former state school employee Zimmerman paid in $89K to teachers' pension fund, could collect $1.76M in retirement

Money 03

Former state school employee Cynthia Zimmerman, who retired in May 2016, saved $89,430 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Zimmerman would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Zimmerman received $36,899 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zimmerman will have already received $114,051 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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